EVENING SNAPSHOT Europe Markets Summary

05 July 2013 17:11  [Source: ICIS news]

LONDON (ICIS)--Here is Friday’s end of day European oil and chemical market summary from ICIS.

CRUDE: August WTI: $102.61/bbl, up $1.37/bbl. August BRENT: $107.16/bbl, up $1.62/bbl
Crude futures remained well supported as the Egyptian military went on high alert after being attacked. Prices were also supported by the halt in exports from Libya’s Es Sider terminal. Adding to the bullish tone in the market, US non-farm payrolls saw an unexpected rise in June.

NAPHTHA: $868-870/tonne, up $2/tonne
The cargo range edged up. August swaps were assessed at $861-863/tonne.

BENZENE: $1,255-1,270/tonne, up $5/tonne on the bid
Bids firmed by $5/tonne as some traders looked to cover short positions. August was rangebound in the afternoon at $1,250-1,270/tonne. Demand was low because of limited buying interest from the derivative sector, and public holidays in the US reducing arbitrage activity.

STYRENE: $1,750-1,770/tonne, stable
Spot bids and offers for July and August were rangebound in the afternoon session amid limited activity. Consumers withdrew to the sidelines of the market because of poor downstream margins.

TOLUENE: $1,040-1,060/tonne, up $10/tonne on the offer
A trader said it had bought 2,000 tonnes intertrade at $1,060/tonne late on Thursday, and offers rose on Friday to match. There was no immediate confirmation on the sell side. Bids remained at $1,040/tonne amid low activity. Prompt material is tight as producers are preferring to sell into the gasoline market, where blending values are favourable.

MTBE: $1,119/tonne, steady
Prices have been assessed stable, with only offers of $1,138 and $1,139/tonne FOB AR during the open market session. EuroBob gasoline traded at $969-981/tonne FOB ARA.

For more pricing intelligence visit ICIS pricing

By: Staff Reporter
+44 20 8652 3214

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